Shiba Inu demonstrated breakout above July 20 high of $0.0000131
according to Shibburn Website, the burn rate of the shiba inu has increased significantly in the last 24 hours. More than 711 million SHIBs were sent to the dead wallet in the past week, adding to the hundreds of millions of SHIBs burned since the beginning of August.
Per the Shibburn website, the SHIB burn rate was showing a rise of 824% as a whopping 292,259,359 SHIB tokens were burned in the last 24 hours.
In recent hours, several transactions that led to the burning of SHIB were reported by the Shibburn Twitter handle.
Also, recently the burning of 6,000,000 SHIB tokens in two transactions was reported. Also, that of 4,000,000 SHIB and 1,999,999 SHIB transferred to a dead wallet in two separate transactions was reported.
Shiba Inu breakout spotted on 4H chart
As seen on the 4-hours chart, the Shiba Inu broke the July 20 high of $0.00000131 while posting two massive four-hour candles in the past eight hours. If the Shiba Inu sustains its current rally, the price is likely to move sharply towards $0.000018, which is the next upside resistance.
The daily RSI is hovering near the 80 mark, suggesting that the rally might consolidate before the next move. A rejection from current levels might push SHIB back to its previous range with support near $0.0000102.
At the time of publication, the Shiba Inu was outperforming its rival Dogecoin in terms of gains, up 24% at $0.00000155. According to analysts, the Shiba Inu could continue the trend if the breakout represented by an inverted Head and Shoulders (H&S) pattern is confirmed on its daily chart with a target price of $0.000051.
An inverse or reverse head and shoulders pattern often signals that a downward trend is about to reverse into an upward trend. However, this remains speculative based on the prevalent macroeconomic uncertainty in the crypto market.
Last week, the developers behind Shiba Inu announced that Shiba Eternity is available for early testing in Vietnam, raising positive hopes.
